Millennials

Millennials- A generation ready to shop!

By Susanne Sosanya, Marketing Executive at Tryzens

It is no secret that standing at the forefront of the mobile first revolution are Millennials, passionate in their love for instant gratification, fluctuating brand loyalty and fickle in choice. So, what is it about this sub category that makes the majority of retailers fight for their attention? And more importantly- how do retailers attain and maintain their attention?

Social.

Social media presence is paramount. Millennials are dubbed as the first generation to grow up with technology at their fingertips and therefore whether tweeting, shopping or gaming they are continuously attached to their phones. Maya Traykova, Head of Growth and Marketing at Firebox.com says “Millennials are glued to their phones – they spend more time interacting with their phones than directly with their friends.”

Platforms like Instagram, Facebook and Snapchat have had undeniable positive results for small businesses. It gives companies a chance to add character and personality to their brand and really connect with the Millennials. It is no secret that Millennials are an image led generation, so creating and promoting your products in ways that can draw their attention is enough to attract an organic audience that genuinely connect with the brand.

No businesses targeting Millennials can afford to not have a presence on Instagram. Where Millennials differ significantly from older generations is how much their preferences are swayed by ‘influencers’. In its recent report on influencers, research firm L2 suggests that “Influencers are an invaluable tool for brands, capable of amplifying overall reach and engagement rates simultaneously.” A new study revealed that social media platform Instagram has the most influence on shopping habits, with 72% of Instagram users reporting making purchase decisions based on something they saw on the site.

A strong way to generate Millennial interest is via influencer marketing, however as this is now a popular way of marketing, influencers are now used in many of the top name brands marketing campaigns- So how does one differentiate themselves? Our client, Jack Wills, work with micro-influencers, this refers to online creators who have a smaller but more highly engaged audience. Alongside this, Jack Wills ensures authenticity by choosing influencers who are a good fit for the brand in terms of their personal style, interests, and values. For example, for more trend-led items, it has worked with popular menswear bloggers.

Jack Wills has typically been thought of as a brand for affluent teenagers or young Millennials with 59% of all 18-29 year olds said to be using Instagram, it is the perfect platform to reach this audience.

Shoppable.

The myth that Millennials are the most difficult generation to cater to is not entirely true as Millennials are willing to spend on items that they do not necessarily need IF they connect with it, the challenge is engaging them once that attention has been caught. Brand loyalty is the weakest point amongst this group- one thing that makes Millennials like their parents is that almost 80% are influenced by price. Even as much as they are looking for other values from their products like authenticity, local sourcing, ethical production and a great shopping experience, nothing beats a discount no matter how old you are. Millennials tend to go to the retailer that offers the greatest discount, rewards and overall lowest price. Our infographic below shows the biggest influence on Millennials purchasing habits is price competitiveness.

Another way in which Millennials like to shop is fast. Fast search, fast checkout and fast delivery. It has become apparent that consumers want delivery for an item ordered in the morning- by evening. This has resulted in names such as Amazon and ASOS launch services to offer same day delivery for their items. This high demand has also paved the way for the rise of click and collect services.

Mobile.

When debating the battle of desktop vs mobile, the answer is very obvious- mobile first always!

By adopting ‘mobile first’ thinking, retailers design the user experience from the mobile device point of view before looking at the desktop, laptop, or any other device. With a target audience of 18-24 years, this has been the ideal approach at Skinnydip, “We design everything for mobile and then take it back to the desktop,” says Gold.

“Everything you can do to make your mobile site quicker reduces the chances of people leaving your site to look elsewhere” -Mark Wright, Jack Wills

According to statistics from IMRG Capgemini, eCommerce sales via smartphones grew by almost half year-on-year in May 2017 further supporting the stance that mobile is at the forefront of retail shopping journey.

Mark Wright, Managing Director Multichannel of Jack Wills advises “everything you can do to make your mobile site quicker reduces the chances of people leaving your site to look elsewhere, and there are metrics you can use to identify where in the journey they get stuck, so that you can smooth that out.”

It is paramount that your website and brand has a personality. And this personality is one that they can identify with and is perceptible through all digital channels that the brand communicates on, as consistency is vital. Traykova of Firebox.com states “brands must speak to Millennials the way they speak to their own friends. and do this everywhere they interact with you – including product pages, the page with delivery details, the response you send when they abandon their basket, and so on. even customer support interactions should be in the same language.”

Millennials are image led and to this end it is essential to be strict with the images that are chosen on your website and app. The images must tie into your brand to a point that even without pictures being watermarked with the brands logo- consumers should be able to think of the brand because the image represents the personality completely. For example, Skinnydip opt to having pink and beachy images these images are what reflect the brand. James Gold, Co-founder of Skinnydip London suggests treating your brand as a person, giving it distinct traits and characteristics.

Take a look below for the Millennials infographic, alternatively for more reading on Millennials, you can download our whitepaper here.

Millennials-UK-Infographic-Tryzens